The Internet Court of Hangzhou, capital of East China's Zhejiang province, launched its blockchain-based smart contract judicial application at a press conference on Oct 24.

As an upgraded version of the court's judicial blockchain launched last September, this judicial application is aimed at efficiently handling contract defaults, improving handling of origins of disputes, and building honesty in cyberspace.

By creating a closed-loop procedure that contains voluntary signing of contracts, automatic performance of contracts, smart case filing upon emergence of defaults, smart trials and smart enforcement of judgments, the application helps to raise the efficiency of the execution of smart contracts, efficiently handle defaults, reduce the interruptions caused by human or other uncontrollable factors, and set new standards for the signing and performance of contracts in the internet age.

According to Wang Jiangqiao, vice-president of the court, compared with traditional contracts, where performance hinges on the parties, the smart contracts will be performed automatically after signature. What's more, all the matters related to them will be written into the judicial blockchain in an unchangeable way.

Launched in September 2018, the judicial blockchain had stored over 1.98 billion information items by Oct 22, 2019.

Currently, the newly-launched application is being piloted in online shopping contracts with a more widespread application within the court's jurisdiction underway.